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EBRD strengthens green finance in North Macedonia

  • EBRD €4 million loan to Ohridska Banka AD Skopje for energy efficiency
  • Investments in residential sector to boost green economy and generate savings
  • GEFF supported by EU, Austria and Western Balkans Investment Framework

The EBRD is boosting investments in green energy in North Macedonia with a new €4 million loan to Ohridska Banka AD Skopje. The funds will support energy efficiency improvements of residential buildings, help reduce greenhouse gas emissions and improve homeowners’ quality of life.

The financing comes under the Green Economy Financing Facility Programme (GEFF) and will be on-lent to support investments by private homeowners in green technologies, materials and measures such as boilers, windows and lighting. . The building stock in the country is in urgent need of refurbishment and the introduction of insulation, for example, is expected to lower costs and improve comfort.

Ohridska Banka AD Skopje, a fully-owned subsidiary of the French banking group Société Générale and a long-standing partner of the EBRD, is a market leader in financing green residential projects in North Macedonia.

GEFF in North Macedonia is part of the EBRD’s €85 million Western Balkans Green Economy Financing Facility, launched in 2017. The programme is a joint initiative by the European Union (EU), the Austrian Federal Ministry of Finance and beneficiary countries cooperating under the Western Balkans Investment Framework (WBIF). It is implemented under the umbrella of the Regional Energy Efficiency Programme for the Western Balkans (REEP Plus), funded by the EU and implemented in partnership with the Energy Community Secretariat. REEP Plus has also delivered policy support for harmonising the country’s law on energy efficiency and regulations for energy efficiency in buildings with the relevant European directives.

The EBRD is a major institutional investor in North Macedonia. To date, it has invested €1.9 billion in more than 110 projects in the country. Supporting green energy is a priority for the Bank as it addresses one of the country’s most pressing challenges. In this effort the capital Skopje recently joined the EBRD Green Cities initiative.